CarGurus price target lowered to $11.50 from $30 at DA Davidson

DA Davidson analyst Tom White lowered the firm’s price target on CarGurus to $11.50 from $30 and keeps a Neutral rating on the shares. The analyst cites the company’s Q3 earnings miss and below-consensus guidance amid a "myriad challenges" around the recent decline in used car retail demand and wholesale volumes, along with the recent wholesale unit price declines, the analyst tells investors in a research note. White adds however that he still sees the long-term outlook for CarOffer as promising as the wholesale auto industry increasingly shifts to digital.